Speech by Senator George Akume (SGF) at the Inauguration of Pension Industry Leadership Council
Extracts from Speech by Senator George Akume, GCON, Secretary to the Government of the Federation at the Inauguration of the Pension Industry Leadership Council (PICL).
It is with a profound sense of duty and honour that I participate in this historic inaugural meeting of the Pension Industry Leadership Council (PICL).
This initiative opens up a new chapter in Nigeria’s journey towards financial security, economic transformation, and generational stability for hardworking and dedicated citizens.
From the onset, let me stress that the establishment of this council symbolizes the huge benefits of synergy among key industry players — the regulator, operators, government, and social partners. Most importantly, it reflects our shared commitment to ensuring that every Nigerian who labours in hope today must be guaranteed dignity and security tomorrow.
Since 2004, pension reforms have reinforced governance, accountability, and transparency in financial management. They have created a huge investment reserve, instilled confidence, and transformed millions of Nigerians once anxious about their retirement into citizens with greater assurance for the future.
The government has consistently focused on strong regulatory, policy, and institutional frameworks — reforms in 2011 and again in 2014 improved the system significantly.
However, challenges remain. Despite the progress, the pension industry still faces pressing issues such as:
- Rising inflation that erodes retirement savings.
- Limited inclusivity, with large segments of informal sector workers not covered.
- The need for long-term capital to finance infrastructure and power industries that create jobs.
- The erosion of public trust, which must be urgently addressed.
These challenges make the establishment of the Pension Industry Leadership Council both timely and visionary. The council must function as a forum of ideas and action, building consensus among practitioners and solving problems on the short, medium, and long term.
Strategic Objectives for the Council
- Strengthening Trust through Accountability and Transparency
- Enforce strict governance standards for all players.
- Ensure regular public reporting of compliance status and investment portfolios.
- This will reassure contributors that their savings are secure, well-managed, and growing.
- Expanding Coverage to the Informal Sector
- Scale up the Micro Pension Plan (MPP).
- Introduce incentives like digital platforms, mobile payments, and tax relief to attract informal workers.
By doing this, millions of Nigerians outside formal employment will gain access to retirement security.
Driving National Development
- Strengthen frameworks for safe and transparent investment of pension funds in infrastructure, housing, renewable energy, and SMEs.
- Partner with the CBN, Ministry of Finance, Infrastructure Concession agencies, and the Sovereign Wealth Fund to achieve this.
Pension funds must secure retirement benefits while also stimulating economic growth and job creation.
Modernizing the Industry through Digital Transformation
- Develop a digital innovation agenda for pensions.
- Promote unified databases, biometric verification, and faster processing of retirement benefits.
This will improve service delivery, reduce errors, cut corruption, and strengthen public trust.
Policy Advocacy and Cross-Sector Collaboration
- Position the council as a strategic voice in long-term pension sustainability, labour policy, fiscal management, and economic planning.
- Partner with labour unions, civil society, and academia to improve public awareness and broaden pension integration into Nigeria’s social protection framework.
Closing
Before I close, let me assure all stakeholders that the administration of President Bola Ahmed Tinubu, GCFR, remains committed to building a strong pension industry.
Pensions are not just about retirement; they are a pillar of social protection and a cornerstone of inclusive economic growth. The government will continue to provide enabling environments, strong policy backing, and political will to ensure that the industry thrives as both a guarantor of retirement security and a catalyst for national development.
Distinguished members of the Council, your mandate is both transformational and generational. The policies you frame, the investments you guide, and the integrity you uphold will shape Nigeria’s future.
I urge you to bring your competence, vision, courage, and reputation into this assignment. Let this council become a model of collaboration, accountability, and service to contributors.
It is now my singular honour to formally inaugurate the Pension Industry Leadership Council of Nigeria.
Thank you very much. God bless you all.
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